Copper futures in London, Shanghai and New York jumped to the highest level in three months as a rally in equities boosted investor confidence that the global economic recovery is gaining momentum. Copper for three-month delivery on the London Metal Exchange climbed for a fourth day, by as much as 1.6 percent to $7,415.25 a metric ton, the highest price since April 30. It traded at $7,402 at 11:37 a.m. in Singapore. “The overall sentiment on copper is rather bullish now, given the recent gains in Asian stocks,” Lai Qiwen, an analyst at Guantong Futures Co., said from Beijing today. November copper on the Shanghai Futures Exchange jumped as much as 3 percent to 57,940 yuan ($8,555) a ton, the highest price since May 4, before ending the morning session at 57,890 yuan. The contract for September delivery on the Comex in New York gained as much as 1.4 percent to $3.3585 a pound, the highest since May 3. “The continued slowdown in China’s manufacturing is being ignored for now,” said Zeng Chao, an analyst at Everbright Futures Co. Asian stocks rose for the sixth time in seven days as companies reported higher earnings or forecasts, shrugging off a report yesterday that showed China’s manufacturing grew at the slowest pace in 17 months in July. A decline in domestic inventories also “boosts sentiment,” said Lai. Copper stockpiles in Shanghai last week declined to 104,507 tons, the lowest level in six months. China’s Growth Still, China’s full-year economic growth may be about 9.5 percent, up from 9.1 percent in 2009, State Council researcher Zhang Liqun said yesterday. Copper had its best month in a year in July, rising 12 percent, on expectations the Chinese government will ease tightening measures as the economy slows. In Indonesia, workers at Newmont Mining Corp.’s Batu Hijau gold and copper mine began a strike today. Production at the Indonesian unit of the largest U.S. gold producer hasn’t been affected by the walkout, which began at midnight, Kasan Mulyono, a spokesman at PT Newmont Nusa Tenggara, said by phone from the mine on Indonesia’s Sumbawa island. Aluminum in London was little changed at $2,177 a ton, zinc rose as much as 0.5 percent to $2,035 a ton, the highest since May 17, and lead added as much as 0.8 percent to $2,095 a ton. Nickel climbed as much as 3.1 percent to $21,800 a ton, the highest since May 28, and tin gained 1.1 percent to $19,725 a ton by 11:42 a.m. in Singapore. To contact the reporters for this story: Glenys Sim in Singapore at gsim4@bloomberg.net; Helen Sun in Shanghai at hsun30@bloomberg.net

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